Natural gas prices under $2/MMBtu have hit Appalachian shale gas drillers hard, but the longer the gas glut wears on, the deeper the problems will become. With each passing week, the shale industry reveals more financial stress.
On Monday, analysts at Piper Sandler downgraded their near-term outlook for Range Resources and Gulfport Energy, two Appalachian drillers, to Neutral from Overweight, citing a “deteriorating” outlook. An analyst with the firm pointed to the global glut for LNG, the coronavirus, collapse of prices and force majeure declarations.
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